$250,000 Turkish passport to be a thing of the past as Turkey's citizenship by investment program rises to $400,000
New Rule: 400,000 Dollars Investment for Three Years to Obtain Turkish Passport
Turkey's Interior Ministry announced its decision to increase the amount of money required for Turkish citizenship at a cabinet meeting on Tuesday, April 12th. According to local media reports on Wednesday, April 13, a regulation on the requirements for obtaining Turkish citizenship through investment was changed to require foreigners to pay at least $400,000 for a real estate property instead of $250,000 in order to obtain a Turkish passport under the condition of holding the property for three years.
What is Citizenship by Investment Program?
The Citizenship by Investment (CBI) program has its roots in the Caribbean.Commonwealth countryThe development of a new system began to beSaint Kitts and NevisIn 1984 a law was enacted to allow foreigners to obtain citizenship through naturalization by investment, a fast-track passport-acquisition naturalization program that was introduced in 1993 by theCommonwealth of DominicaDeveloped into the world's most complete and sophisticated form of immigration, individuals and families from Asia, the Middle East, and mid- to high-end Russia can naturalize in just three months without having to physically land in Dominica. Using St. Dominic'sGorgon Passportrespond in singingDominica PassportVisa-free access to the European Union, Switzerland, Russia, Singapore and Hong Kong, and dual citizenship is permitted, allowing applicants to maintain their original citizenship as well as enjoying all the rights of citizens of the second nationality.
Why have a second passport
Advantages of Naturalization Program for Turkish Citizens
The Turkish Citizenship Naturalization Program, which allows foreigners to acquire Turkish citizenship through property investment, establishing a business, or depositing money in a bank to access the European and Asian markets and to gain lifelong citizenship in this uniquely situated location, was initially set at $1 million in property investment, which was lowered to $250,000 or more in 2018, and it takes about six to nine months from the time of submitting an application to its approval. Iranians remain at the top of the list of foreign residential home buyers in Turkey for the month of March 2022, according to a statistical report published by the Turkish Statistical Institute (TSI) on Friday, April 15, 2022.The report was published in a press release by the Turkish Statistical Institute (TSI) on Friday, April 15, 2022.The report was published in a press release by the TSI. Turkey has made its best ever progress in real estate sales, with Iranian citizens topping the list by purchasing 784 homes in March, followed by Iraqi citizens with 741 and Russian citizens with 547. Iranians purchased 2,256 homes in the first quarter of the year. The naturalization program for Turkish citizens has the following advantages:
- Simple documents, only passport, marriage certificate, birth certificate required
- Turkey allows dual citizenship
- No internship, language, education or management experience required
- Lifetime citizenship can be passed on to future generations
- The investor can apply for naturalization together with his/her spouse and children under 18 years of age.
- Once you become a Turkish citizen, you have the right to reside and work in Turkey indefinitely.
- High level of health care and free internet
- Visa-free or visa-on-arrival access to more than 110 countries and territories worldwide
- Turkish Citizens Can Apply for U.S. E-2 Visas
- NATO member countries
- G20 countries, capitalsAnkara, capital of Turkeyrespond in singingIstanbul, TurkeyThere are more than 200 foreign embassies and consulates in Turkey.
Turkish property sales up 45.1% in first three months over last year
Foreigners took the biggest share of purchases with 2,245 apartments in Turkey's largest city, Istanbul. The Mediterranean resort city of Antalya followed with 1,434 properties, while the capital Ankara ranked third with 347 properties. A total of 320,063 residential properties were sold in Turkey in the first quarter of the year, an increase of 21.71 TP3T compared to the same period in 2021. In the first three months, foreign sales rose by 45.11 TP3T year-on-year to 14,344.
Possible impact of Turkey's property naturalization hike to $400,000
Fewer applicants, faster naturalization
$250,000 and $400,000 are two different levels of distance, the former price is as large as between the Caribbean to buy a house and the European Union Golden Visa, for investors within the budget of $ 2 million, the Turkish project can be one of the considerations, but after the price hike, the Turkish project into the investment needs to be more serious assessment of the project, the property plus other costs may be $450,000 to $500,000, the investor not only to be more powerful! The investor not only has to be stronger, but also may have to accept the fluctuation of the lira in three years, the development of Turkish infrastructure, changes in the housing market. But there may be an advantage to having fewer applicants - you won't have to wait as long as you did before.
Money-laundering
Turkish property naturalization will attract a large number of people from the Middle East in a short time, not only the low threshold of $250,000, but from the banks, foreign exchange, payments, etc. are relatively more relaxed than in Europe and the U.S., and even cash or cryptocurrency transactions can be an option for the transaction. Once the threshold is increased in Turkey, these VIP services for naturalization will be limited to those who can afford to pay $400,000, so what about those who only have $250,000 to dooley?
Developer turnover issues
The most important thing for developers is to sell and make quick profits from investors and bank loans. A change in policy, coupled with the instability caused by the epidemic, led to a rapid collapse of real estate companies with irregular cash flows. The most well-known case is in 2014, the Turkish real estate entrepreneurs Yerdelen brothers (Yerdelen brothers) in the Black Sea near the town of Mudurnu to build a large village imitating Disney, costing $ 200 million, including more than 700 mini-chateaux, experienced bankruptcy, and away from the delivery of the house is also shaky. After the price hike, it's even more important to do your research and choose a safe project, otherwise you'll lose even more money.
finance a home purchase
The price hike will bring more pressure on developers to make advances, and developers will only manage to increase costs on their clients, but their projects are still under pressure to be completed.
Investors turn to Greece, Montenegro, other European countries
After the earth body its left the 2-2.5 million club, the only programs left in that club are Greece (250,000 euros), Portugal (350,000 euros), St. Lucia (treasury bonds), Dominica (home purchase), and St. Kitts (home purchase), and that leaves Europe with only theGreece (250,000 euros),Portugal (350,000 euros)marry sb. (of woman)malleus. It's hard to say yet what the impact will be on the property market in these countries, after all, investors who want citizenship are different from those who want residency, and it just so happens that the Turkish program has bothcitizenshipmarry sb. (of woman)livesWith these two advantages, the Caribbean program shouldn't increase in price anytime soon either, but someone with $400,000 to $500,000 might opt for it:
- Montenegro(500,000 euros.citizenship)
- Purchase of property in Spain (500,000 euros)
- Ireland (400,000, 500,000 zone)
- Luxembourg (500,000 euros)
dual identity architecture
Between $400,000 and $500,000 in addition to references to articlesUpgraded Dominica Passport, you can apply these configurations to achievePassport + Living AbroadThe effect of the
- Caribbean Citizenship + Greek Home Purchase(400,000 euros.Nationality + Life in Europe)
- Caribbean nationality + Maltese (350,000 euros.Nationality + Life in Europe
- Montenegro+ Portugal D7 (500,000 euros, EU candidate)
reach a verdict
There is no confirmation of the date of the official Turkish property investment increase to $400,000, nor is there yet a clear roadmap, but the decision of the Turkish government to release this news does show the world that in the foreseeable future, Turkish citizenship will no longer be the case!cheaply-priced.. Real estate companies, real estate sales, immigration companies, and clients are all waiting with bated breath for the final results. For those who have struggled to get their funds ready for this year, they may feel some frustration, and those who want to take advantage of the last chance should make the best use of this week or re-examine their fund allocation and choose a more suitable program.
Extended Reading
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Dominica Citizenship Program
- The Dominica Citizenship Naturalization Program was established in 1993 A.D. and is one of the oldest naturalization programs in the world.
- passport immigrationApplicants are not required to attend an interview
- Immigration can be processed quickly: the time it takes is about 2-3 months.
- The most cost-effective program for single applicants
- The status can be passed on permanently to the next generation in the direct line.
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